PayPal and Mastercard have announced an expansion of the PayPal Business Debit Mastercard offering in four new European countries, building on its current international network.
Under the partners new plans, the debit card product will be launched in Belgium, Finland, the Netherlands and Portugal, expanding on a focus on offering the product to small businesses across the continent.
The duo aim to make it easier for small businesses to have fast access to their available PayPal funds with the option for unlimited cashback on eligible spending.
Additionally, the agreement enables PayPal account holders to access the money in their e-wallets at 52 million Mastercard acceptance locations worldwide, with no monthly fees or foreign exchange fees and flat worldwide ATM withdrawal charge of €2.
“The past two years have been challenging for small businesses around the world, and easy, fast, access to their available funds has never been more vital,” said Ed Hallent, Senior Director, SMB Omnichannel, PayPal.
“The PayPal Business Debit Mastercard provides them with that, as well as the ability to get cash back, which helps businesses thrive.”
PayPal and Mastercard first launched the joint debit card project in the US in 2003, before expanding to Austria, France, Germany, Ireland, Italy, Spain and the United Kingdom.
The offering is most widely used for purchasing digital marketing services and retail goods for inventory and supplies in Europe, whilst in the US it is used for business services and everyday essential items.
“Mastercard is committed to supporting small businesses across markets,” added David Dechamps, Senior Vice President, Digital Partnerships at Mastercard Europe.
“Providing SMEs with the best tools to easily access their funds is crucial, especially in the current environment. As such, we are delighted that we continue to be PayPal’s partner of choice for issuing debit cards to their business customers.”
Additionally, PayPal has also announced the launch of a new stock trading platform, according to CNBC, reportedly hiring Rich Hagen as the CEO of its Invest at PayPal division.
The decision follows the firm’s expansion into the cryptocurrency space, raising purchase limits for cryptocurrency and allowing eligible customers in the US to purchase up to $100,000 per week, whilst also enabling its UK users to hold and sell digital currencies.